Subject: File Number S7-07-18: Stop financial advisers from sapping Americans' retirement savings
From: Colleen Whalen
Affiliation:

Jun. 20, 2018

Jun 20, 2018

Securities and Exchange Commission

To the and Exchange Commission,

The  SEC should close the loopholes which allow frauduluent scam
artists to exploit consumers who want to invest their money in 401(K),
IRA and other investment plants.

I made a personal decision NOT to invest in a pension plan because I
witnessed the 1987 debacle of Black Thursday Wall Street crash and 2008
Bernie Madoff Ponzi scheme the Securities Exchange Commission was
WARNED about for years but refused to arrest Bernie Madoff.  The stock
market is for suckers and 100% of the time Wall Street crashes, it is
always small investors, middle class, working class folks who get wiped
out.  The corporate thugs dressed up in $10,000 tailored suits who
create scam investment boondoggle NEVER go to prison.  To the contrary,
the Congress, Senate, SEC always enables corporate white collar
criminals who prey on hard working investors, typically walk away scott
free.

Instead of a conventional pension plan like 401(k), IRA I prefer to
sock my money away in a very low interest CREDIT UNION savings account.
At least my money is safe, although the interest is very low.

I have zero trust in the SEC, Congress & Senate and will refuse to
invest my savings in conventional investment plans such as 401(k) and
IRA until the federal government cleans up their act and stops enabling
corporate white collar criminals who fraudulenty scam hard working
Americans with fake retirement plans.

I'm counting on you to make a stronger rule that closes the loophole.
Americans who've worked hard to save for retirement deserve peace of
mind about their financial security.

Sincerely,

Ms. Colleen Whalen